Citibank

The Arizona State Carpenters Pension Trust Fund and two other multi-employee pension trust funds (collectively referred to as “Trust Funds”) and their respective trustees (“Trustees”) appeal the district court’s partial summary judgment and dismissal of their action against Citibank (Arizona) (“Citibank”), brought pursuant to the Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1001 et. seq. (“ERISA”) and state law, alleging that Citibank breached its custodial agreement by failing to notify the *718 trustees of defaults on payments for investments made by the Trust Funds’ investment managers.

The district court granted Citibank’s partial summary judgment motion on the appellants’ ERISA claims. The district court determined Citibank was not a fiduciary under ERISA. The district court also granted Citibank’s motion to dismiss, determining ERISA preempted the appellants’ state law claims. The district court then dismissed the appellants’ entire action.

We have jurisdiction pursuant to 28 U.S.C. § 1291 . We affirm the district court’s grant of partial summary judgment on the ERISA claims. We, however, conclude the district court erred in its determination that ERISA…